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Who Did the Ethanol Tax Credit Benefit? An Event Analysis of Subsidy Incidence
Bielen, David A. - 2016
Using commodity futures contract and spot prices, we estimate the incidence of the US ethanol subsidy accruing to corn … ethanol producers captured two-thirds of the subsidy, and suggestive evidence that a small portion of this benefit accrued to … or gasoline consumers captured any part of the subsidy. This paper contributes to understanding of biofuels markets and …
Persistent link: https://www.econbiz.de/10012456706
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Politics and the Distribution of Federal Funds : Evidence from Federal Legislation in Response to COVID-19
Clemens, Jeffrey; Veuger, Stan - National Bureau of Economic Research - 2021
COVID-19 relief legislation offers a unique setting to study how political representation shapes the distribution of federal assistance to state and local governments. We provide evidence of a substantial small-state bias: an additional Senator or Representative per million residents predicts an...
Persistent link: https://www.econbiz.de/10012533424
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Average Inflation Targeting : Time Inconsistency and Intentional Ambiguity
Jia, Chengcheng; Wu, Jing Cynthia - National Bureau of Economic Research - 2022
We study the implications of the Fed's new policy framework of average inflation targeting (AIT) and its ambiguous communication. The central bank has the incentive to deviate from its announced AIT and implement inflation targeting ex post to maximize social welfare. We show two motives for...
Persistent link: https://www.econbiz.de/10012814448
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Subsidies and the African Green Revolution : Direct Effects and Social Network Spillovers of Randomized Input Subsidies in Mozambique
Carter, Michael - 2019
-Saharan Africa. We study the first randomized controlled trial of a government-implemented input subsidy program (ISP) in Africa. A … temporary subsidy for Mozambican maize farmers stimulates Green Revolution technology adoption and leads to increased maize … yields. Effects of the subsidy persist in later unsubsidized years. In addition, social networks of subsidized farmers …
Persistent link: https://www.econbiz.de/10012480152
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Fairness and Redistribution : U.S. versus Europe
Alesina, Alberto - 2003
Different beliefs about how fair social competition is and what determines income inequality, influence the redistributive policy chosen democratically in a society. But the composition of income in the first place depends on equilibrium tax policies. If a society believes that individual effort...
Persistent link: https://www.econbiz.de/10012469200
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Identifying Supply and Demand Elasticities of Agricultural Commodities : Implications for the US Ethanol Mandate
Roberts, Michael J. - 2010
We present a new framework to identify demand and supply elasticities of agricultural commodities using yield shocks - deviations from a time trend of output per area, which are predominantly caused by weather fluctuations. Demand is identified using current-period shocks that give rise to...
Persistent link: https://www.econbiz.de/10012462730
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The Voice of Monetary Policy
Gorodnichenko, Yuriy; Pham, Tho; Talavera, Oleksandr - National Bureau of Economic Research - 2021
We develop a deep learning model to detect emotions embedded in press conferences after the meetings of the Federal Open Market Committee and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Fed's actions and the sentiment in policy...
Persistent link: https://www.econbiz.de/10012496146
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Selfish Corporations
Colonnelli, Emanuele; Gormsen, Niels; McQuade, Timothy - National Bureau of Economic Research - 2022
Motivated by the public debate regarding corporate responsibility, we construct a memory-based model of decision-making to illustrate how corporate and political communication can impact policy preferences. We test the predictions of our model in a new large-scale survey of U.S. citizens on...
Persistent link: https://www.econbiz.de/10013435138
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Fed Implied Market Prices and Risk Premia
Calomiris, Charles W.; Harris, Joanna; Mamaysky, Harry; … - National Bureau of Economic Research - 2022
We introduce FDIF, a measure of Fed communication surprise based on the text of FOMC statements. FDIF measures the difference between text-implied and actual values of key market variables. Positive FDIF of countercyclical variables (e.g., credit spreads) is associated with negative...
Persistent link: https://www.econbiz.de/10013334428
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Central Bank Communication and House Price Expectations
Binder, Carola Conces; Kuang, Pei; Tang, Li - National Bureau of Economic Research - 2023
We study how US consumers' house price expectations respond to verbal and non-verbal communication about interest rate changes using several large online surveys. Verbal communication about interest rate hikes leads to little response of average house price expectations but large heterogeneity...
Persistent link: https://www.econbiz.de/10014287333